The suspension earlier placed on the trading in the shares of FTN Cocoa Processors Plc has been lifted by the Nigerian Stock Exchange (NSE).
The embargo, which was removed on Friday, now enables stocks of the company to be traded on the floor of the exchange.
A notice from the NSE confirmed this development in a notice to the market.
We refer to our Market Bulletin dated 1 September 2020 with Reference Number: NSE/RD/LRD/MB43/20/09/01, wherein we notified Dealing Members of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:
- Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
- Suspend trading in the Issuer’s securities; and
- Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
FTN Cocoa Processors Plc, one (1) of the six (6) listed companies that were suspended on 1 September 2020, has now filed its outstanding financial statements with The Exchange.
In view of the Company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”, Dealing Members are hereby notified that the suspension placed on trading on the shares of FTN Cocoa Processors Plc was lifted on Friday, 27 November 2020.
FTN Cocoa processors Plc was formerly registered as Fantastic Traders Nigeria Limited, a Limited Liability Company Which was incorporated in 1991. The company commenced cocoa processing business with third party arrangement (Toll Processing) with Stanmark cocoa processing company limited in 1995 for the conversion of cocoa beans into cocoa butter and cocoa cake/powder.
The company later extended its third party processing activities to Ile-Oluji, Cocoa Cooperative, Cocoa Akure and Cocoa products, Ede Osun State. Within a period of 13 years, it had established strong relations with overseas cocoa product buyers all over the world. We went ahead to solidify our relationship with many local users such as Nestle Nigeria Plc and Promasidor Nigeria Limited; makers of Cowbell Milk and Cocoa products.